mbailey019

CLB - Possible 30% Breakout

Long
NYSE:CLB   Core Laboratories N.V
CLB has been running into strong resistance at around the $36.30 level since mid-Jan. However, there is darn near zero historical resistance between that and the $47.30 level, and decent reason to believe the current resistance will be broken in the coming weeks.

For the past couple of weeks, prices have been moving into a momentum squeeze, indicating a break one way or the other; a simultaneous Bollinger squeeze suggests that break will indeed be upward. These indicators conspire well with a distinct upward wedge formation, converging approximately at the same time the previous price channel crosses above the $47.50 target

Core Laboratories N.V. is a service provider of core and fluid analysis in the petroleum industry.
Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.